Waec Economics Past Questions and Answers

Question 1501:

• WAEC 2016

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.
Find Qs, when P=N40

A. 108ton
B. 52tons
C. -52tons
D. -108tons

Question 1502:

• WAEC 2016

How does producers expectation of a price fall affect the supply curve of a product? There will be

A. A moment along the curve
B. A leftward shift
C. No shift of the supply curve
D. A shift to the right

Question 1503:

• WAEC 2016

A price floor results in

A. Excess demand
B. Excess supply
C. Parallel market
D. Hoarding of goods

Question 1504:

• WAEC 2016

An entrepreneur is encouraged to adopt division of labour in production because it

A. Provide more employment opportuinities
B. Leads to increased output and lower cost of production
C. Brings about equal cost and employment opportuinities
D. Leads to increased cost of production and lower output

Question 1505:

• WAEC 2016

The long run is a period when

A. Only the variable factors can be altered
B. All factors become variable
C. The firm will cease to exist
D. Only the fixed factors can be altered